Cookies are used on this Website. This is necessary in order to remember your preferences, as well as to
collect analytical data about visits to the Website.
Use of our Website means that you agree to the use of all cookies and analytics of Website visits in
accordance with Bitnewstoday.com's Privacy Policy.

Bitcoin could be made obsolete tomorrow, says Bank of Singapore's Chief Economist

Bitcoin could be made obsolete tomorrow, says Bank of Singapore's Chief Economist

04 December 2017 00:00, UTC

“They buy all sorts of rubbish” – said Richard Jerram, whose post is the Chief Economist of the Bank of Singapore, when describing the current situation with the Bitcoin market and comparing it to the dotcom crash in an interview. According to this economic expert, Bitcoin could easily become obsolete tomorrow by either a superior technology or a regulatory squeeze. Its intrinsic value is zero, Mr. Jerram insists, and investors have a chance to lose everything. He also mentioned pyramids and Ponzi schemes, which would give him a great appraisal from the Russian government, some members of which still consider Bitcoin a fraud.

While there are many investors who put just $200 in cryptocurrency or so, the Winklevoss brothers, if this prediction proves to be true, are now risking losing a billion of dollars. Bank of Singapore is a conservative organization and its bearish view on Bitcoin is nothing special, but the position on the reason of the current growth might actually be true: slow and bullish players, who did not invest on, say, $4000 or $7000, are now finally reconsidering their views and making one of the biggest trading mistakes – they are buying at all-time high. While this does make the cryptocurrency grow in price even more, the revenue is still not going to be the same if these investors decided to invest at lower values.